Aditya Birla Capital will sell up to 2.88 million shares held by it in the asset management business, while Sun Life (India) AMC will sell up to 36.03 million shares. Aditya Birla Capital holds 51% stake in the AMC, and the remaining 49% is held by Sun Life.
Kotak Investment Banking, Bofa Securities, Citigroup Global markets India, Axis Capital, ICICI Securities, IIFL Securities, JM Financial, Motilal Oswal Investment Banking, SBI Capital and Yes Securities are the book running lead managers to the issue.
Mint was the first to report on 8 March that the Aditya Birla Group plans to take its asset management business public through a ₹5,000 crore initial public offering to raise funds for expansion.
For the nine-month ended December 2020, the AMC's total income stood at ₹873.63 crore against ₹957.20 crore a year ago. Net profit for the period was at ₹369.54 crore versus ₹395.20 crore last year.
Aditya Birla Sun Life AMC manages 135 mutual fund schemes, several of which have recorded superior performance compared to industry averages, as well as six domestics FoFs. It also provides portfolio management services, offshore funds and alternative investments
Its total AUM as of December 2020 stood at ₹2.74 trillion.